SBI to auction 8 bad loan accounts to recover Rs 3,900 cr

Mumbai: The State Bank of India (SBI) has put eight non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 3,900 crore with the e-bidding auction process slated for later this month.

In a notification last week, SBI asked interested asset reconstruction companies (ARCs) and financial institutions to conduct the due diligence of the listed accounts which cumulatively owe the bank over Rs 3,900 crore.

Interested bidders are required to submit their expression of interest on e-bidding for these accounts which is slated to be held on September 26.

"In terms of the bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated," SBI said in the bid document posted on its website.